The previous owners of Forbes Media are suing the company’s Hong Kong investors over an alleged breach of payment.
The Forbes family owned the company for 97 years, before a controlling stake to Honh Kong-based Integrated Whale Media Investments (IWM) in 2014.
The family claims that IWM borrowed money from Forbes to fund the deal, and that it breached its purchase agreement, failing to make payments on time.
IWM rejected the claims and says it is clear of any wrongdoing.
In the lawsuit filed last week, the Forbes family said: “From the outset of the supposed partnership, Integrated Whale and its principals have steadfastly refused to pay what they clearly owe, and instead have made a series of baseless – and often patently false – excuses and pretexts for their refusal to honour their basic contractual commitments.”
IWM says the issue is a dispute between shareholders, which has had no impact on the company’s operations.